The continued emergence of a fully networked economy is inevitable due to: (1) computer software and hardware becoming increasingly powerful and less expensive; (2) communication and network technologies becoming increasingly powerful and less expensive; and (3) the proliferation of the Internet and other networking related technologies.
The use of computer software, hardware and networking technologies in the management of financial services has also expanded in recent years. In particular, financial service firms are continuing to integrate these technologies into their businesses in order to provide an automated approach for personal asset and wealth management and to improve their efficiency in providing financial advice and other services to their clients.
As a result of the advances in technologies and applications of these technologies to business tasks, a dramatically expanded use of electronic commerce (e-commerce) has also occurred. Entirely new paradigms for e-commerce have evolved or emerged from traditional non e-commerce businesses and business models. In particular, e-commerce through the Internet, is widely credited with introducing tremendous efficiencies in commercial transactions. This expanded use of the Internet has also dramatically altered the vendor/customer relationship.
For example, in the financial services industry, the ability of an organization to provide enhanced customer service through the use of advanced technology and e-commerce can be a valuable competitive advantage. Financial professionals may be hampered in their ability to service a client fully if they are only able to retrieve limited client and financial information due to limited integration of computer hardware, software, networking and e-commerce resources. Therefore, more efficient methods for managing assets and financial advising and more powerful support tools for wealth management and the management of the financial practitioner's business will require computer hardware/software platforms that overcome past limitations in what is now a highly technological financial arena.